CP Daily: Friday December 2, 2016

Published 23:59 on December 2, 2016  /  Last updated at 00:56 on December 3, 2016  /  Daily Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.

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Far from peaking, China CO2 emissions could grow 12% by 2020 despite major curbs -study

China needs to cut its carbon emissions 2.2 billion tonnes below business-as-usual levels by 2020 to meet its intensity targets, but absolute CO2 output is still expected to rise by up to 12% over the next four years, a senior academic and ETS designer said Friday.

EU Market: EUAs continue slump to fresh 2-mth low, 14% weekly loss

EU carbon prices continued their downward track on Friday, extending a two-month low to post a 14% weekly loss on weaker energy and as utilities looked to roll forward their positions before the mid-month expiry of the benchmark futures contract.

China’s Fujian to launch its ETS with a close watch on prices

Fujian province will launch China’s eighth pilot emissions trading scheme later this month and plans to actively monitor and control price movements, regulatory guidelines released this week showed.

CN Markets: Pilot market data for week ending Dec. 3, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Germany’s coal cash out – The German government no longer supports the new construction or overhaul of already decommissioned coal plants via development finance instruments of the World Bank, it said in an answer to a parliamentary inquiry of the country’s Left Party. This appears similar to the World Bank’s current stance of only funding coal projects  in exceptional circumstances, but Germany said it would adapt its position in the World Bank’s executive boards, especially in the IFC, accordingly. The bank should “focus all of its work on climate and sustainability targets,” Development Minister Gerd Mueller said after meeting with World Bank President Jim Yong Kim on Thursday. (H/T Clean Energy Wire)

Carbon-cutting bonds – The Export-Import Bank of China on Friday became the latest Chinese bank to jump on the green bond bandwagon, announcing it will launch a 1 billion yuan ($145 million) bond on Dec. 5. The bank has drawn up a list of projects that will receive funding through the investments in the bond, including three schemes that will reduce 260,000 tonnes of CO2e emissions per year. (Xinhua)

And finally… Big oil up for State? – US President-elect Donald Trump is considering ExxonMobil chief Rex Tillerson to be Secretary of State, according to MSNBC host Joe Scarborough, reports The Hill. The US State Department is responsible for international negotiations including on climate change. Separately, in Thursday’s CP Daily we incorrectly reported that retired US Marine Corps General James Mattis had been nominated by Trump to be Secretary of State. Mattis has been nominated as defense secretary.

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